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FTSE preview: Shares down, mining stocks dented

By Reuters
Updated: 03:26 EDT, 8 December 2010

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The FTSE 100 is expected to open up to 28 points lower as a stronger dollar is hitting energy and metal prices, which could dent commodity stocks.

The blue chip index could fall as much as 0.5% after it added 38.17 points on Tuesday to close at 5,808.45, its highest finish since November 15.

US government bonds extended sharp losses on Wednesday after President Obama proposed a deal to extend tax cuts that would support economic growth but raise national debt levels in the longer term.

This pushed the dollar higher against the yen and the euro, pressuring commodities priced in the greenback, with metals down broadly and crude oil off 1.2%.

British shop price inflation dipped in November as retailers offered discounts in the run-up to Christmas, but it is likely to rise in 2011 due to a hike in VAT and expected higher energy costs, data from the British Retail Consortium showed.

Also offering mixed signals on the economy, employment for both permanent and temporary staff in Britain grew at its fastest pace in three months in November, though pay growth remained weak, the Recruitment and Employment Confederation said.

Ireland will also be in focus on Wednesday, after the country's parliament passed the 2011 budget on Tuesday, marking the first step in a lengthy approval process.

The tough budget targets €6bn in spending cuts and tax hikes, and the Irish government warned passage was crucial to avert a deeper debt crisis.

3i Group, Associated British Foods, Investec and Vedanta Resources will all go ex-dividend today, knocking a total of 0.53 point off the index.

Stocks to watch today include:

BP, Royal Dutch Shell: W&T Offshore Inc said on Tuesday that BP told it that the company is exercising its right to buy Shell Offshore Inc's stake in two deepwater fields in the Gulf of Mexico.

Rio Tinto: Global miner Rio Tinto has resumed partial coal-mining operations in Australia's Queensland state after disruptions due to heavy rain, but the firm has yet to determine the full impact of the weather problems, it said.

British Airways: A union of Finnish airline mechanics said on Tuesday it would not service aircraft of British Airways and several other carriers at Helsinki airport to help Finnair's striking cabin crews.

Smith & Nephew: The Daily Mail's market report notes speculation of a £7.1b, or £8-a-share cash offer from a US consortium of private equity players for the maker of replacement knees and hips.

Royal Bank of Scotland: The chairman of Britain's financial regulator defended its decision to clear the former head of bailed-out bank Royal Bank of Scotland of wrongdoing, but said 'rules to keep bankers honest' were needed.

Stagecoach Group: The transport company releases first half results.

Kesa Electricals: The retail group releases first half results.

Carillion: The infrastructure company releases a trading update.

Game Group: The video games group releases a trading update.

Micro Focus International: The company releases first half results.

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